Support CenterReporting 1099-K income in a 1040-Individual return using SureFire.
You should receive Form 1099-K by January 31st if, in the prior calendar year, you received payments:
from payment card transactions (e.g., debit, credit or stored-value cards), and/or
in settlement of third-party payment network transactions above the minimum reporting thresholds of -
gross payments that exceed $20,000, AND
more than 200 such transactions
You must report on your income tax return all income you receive from your business. In most cases, your business income will be in the form of cash, checks, and debit/credit card payments. Business income is generally referred to as gross receipts on income tax returns. Therefore, you should consider the amounts shown on Form 1099-K, along with all other amounts received, when calculating gross receipts for your income tax return.
If the owner of a small business is reporting a 1099-K, it is reported on Sch C and included on Sch C, Page 1 Part I: Income
Go to Line 1 Gross receipts or sales and click the amount column.
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